Getting heads worked on... advice and costs

try this: http://www.sa-motorsports.com/diyport.htm

basic porting and cleanup is well within your skills, if you take your time and practice reasonable attention to detail. A Dremel, respirator, goggles, and time is what it takes. A carbide bit works best, although stones work too (just take a lot longer).
Put junk valves in to protect the guides. You can also port-match your headers at the same time.

Milling is done at a machine shop, and it affects your CR and piston-to-valve clearance, obviously, so it is not to be done lightly. Since you'd have to consider your cam specs, rocker lift, block deck, etc on this, its best to consult your shop directly on this.

usually a 3 angle valve job will run in excess of $150. If you want larger valves put in, you will be spending a good chunk of money because it will require the heads to be machines. I am not sure how much it costs to have heads milled. So, it looks like you would have a few hundred dollars in if you got a valve job, did the porting yourself and had them milled. You COULD pick up a nice set of GT40 heads for as litle as $350 somewhere. (thats what I would do)

If you want to port your heads...DO NOT OVER PORT THEM!!! I suggest doing a simple gasket match and giving them a light port job. You dont have to leave the valves in unless you are going to port the combustion chamber. I dont suggest doing this because it will make your combustion chamber bigger and lower your compression. You could 'deburr' any really rough spots in the chamber though.

On the intake side of the port, keep the finish rough. This will give you better air to fuel atomization. On the exhaust side, make the finish as smooth as a babies bottom so that exhaust 'slips' on out. While you are at it, give your headers a mild port too. you will be amazed at how much power that can free up.

Buy the gasket you are going to use and trace it onto your heads, then just mildly port until you get to where you traced...all done. As an amateur, I dont suggest getting into bowl work or any extensive porting. You can screw up a set of heads, really quick (speaking from experience).

I know here I can get my iron heads hogged out, with a valve job and it runs about $300. Ahh, i love living in the south!

Good luck!

Running that cam, and with milling the heads, you will also have to switch to screw in studs and adjustable rockers. Finding a good set of used aftermarket heads is the way to go, IMO...

There is a company and I am not sure of the name maybe power heads that mod the stock ford castings with good results and its not that expensive, but I would also try to find a aftermarket head, there is just no comparison in time spent on stock heads and the gains and buying a set of aftermarket complete done bolt them on and your done no worries find a deal on a set of aftermarkets and you will be lots happier with the results. the time you save could be spent driving the car with much improved power.